LANSING, Mich. — Gov. Gretchen Whitmer has announced the creation of a new grant program that aims to support Michigan businesses and boost the state’s economy.
We’re told the program will allocate $409 million to businesses with the goal of helping them retain and create jobs.
“This program will support Michigan businesses that were impacted by COVID-19 and help us build on our economic momentum,” says Governor Whitmer. “I’m focused on putting Michiganders first and growing Michigan’s economy as we work together to take advantage of our $7 billion surplus and make investments in the issues that matter most to families.”
The state says businesses that were in operation before Oct. 1, 2019 may qualify to receive a fraction of their profit losses, capped at $5 million. Businesses that started running between Oct. 1, 2019 and June 1, 2020 may be granted a quarter of certain expenses, according to the governor’s office.
“Right now, Michigan’s resilient, innovative small businesses need support,” Whitmer adds, “and we should keep having their backs as they work to expand operations and create more jobs.”
The state says applications for the grant will be made available here on Tuesday, March 1 at 8 a.m. The deadline to apply is Thursday, March 31 before midnight. Grant recipients are expected to be notified sometime in the spring with distributions slated to occur before July 1.
Click here for more information about the grant program.